Beneficial Ownership Information (BOI) Reporting Update – January 23, 2025
The U.S. Supreme Court ruling on January 23, 2025, has created significant confusion regarding Beneficial Ownership Information (BOI) reporting requirements. To clarify: businesses are currently not required to file BOI reports.
While the Supreme Court lifted one injunction that had previously blocked the enforcement of BOI reporting, a separate federal court order remains in place, preventing the implementation of these rules. As a result, the January 1, 2025, deadline for existing businesses is no longer enforceable, and no updated compliance timeline has been issued.
The Financial Crimes Enforcement Network (FinCEN), which oversees BOI reporting, has confirmed that no filings are required at this time. However, the situation remains fluid, and reporting requirements could be reinstated quickly if legal proceedings lead to changes.
To ensure readiness, ARB continues to recommend that business owners:
- Collect and organize up-to-date records of beneficial ownership information.
- Stay informed about regulatory updates and developments.
- Be prepared to comply promptly if the reporting requirements are reinstated.
ARB is actively monitoring developments and will provide timely updates as new information becomes available.
